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o Innovation Cycles started October with 25 bicycles that cost $65 each. On October 16, Innovation bought 50 bicycles at $80 each. On October 31, Innovation sold 33 bicycles for $90 each. Requirements 1. Prepare Innovation Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account. Requirement 1. Prepare Innovation Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first. Abbreviation used: QTY = Quantity: Tot. = Total) Innovation Cycles Purchases Date QTY Unit Cost Tot. Cost Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost 25 65 1.625 25 65 1,625 Oct. 1 Oct. 16 50 80 4,000 50 80 4,000 Oct. 31 33 90 2,970 4,000 Totals 50 33 2,970 Choose from any list or enter any number in the input fields and then continue to the next question. ? o Innovation Cycles started October with 25 bicycles that cost $65 each. On October 16, Innovation bought 50 bicycles at $80 each. On October 31, Innovation sold 33 bicycles for $90 each. Requirements 1. Prepare Innovation Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account. Requirement 1. Prepare Innovation Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first. Abbreviation used: QTY = Quantity: Tot. = Total) Innovation Cycles Purchases Date QTY Unit Cost Tot. Cost Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost 25 65 1.625 25 65 1,625 Oct. 1 Oct. 16 50 80 4,000 50 80 4,000 Oct. 31 33 90 2,970 4,000 Totals 50 33 2,970 Choose from any list or enter any number in the input fields and then continue to the next